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A new California bill, if passed, could help Central Coast families retain family-owned farms and ranch land as they are passed down from generation to generation.
This week, Congressman Jimmy Panetta introduced the Preserving Family Farms Act which aims to help family-owned farms continue operations by updating the special use valuation provision of the estate tax.
Joined by Jackie Walorski (R-IN-02), Panetta s act would increase the amount of farmland that can be valued for family farming operations and decrease the amount of farmland that must be valued for development purposes when someone inherits the property.
“Estate taxes on family-owned farms have forced families to split up the land they have spent generations building,” Panetta said in a press release. “Our Preserving Family Farms Act would ease this burden by ensuring that these farms are appraised by the value of their business, rather than development value.
(NAFB) – House lawmakers recently introduced the Preserving Family Farms Act of 2021, a priority for the National Cattlemen’s Beef Association.
NCBA has long supported efforts to reduce tax burdens on farmers and ranchers. This bipartisan legislation to expand IRS Code Section 2032A would allow cattle producers to take advantage of the Special Use Valuation and protect family-owned businesses from the impact of the federal estate tax, commonly referred to as the Death Tax.
The Preserving Family Farms Act increases the maximum amount allowed under the exemption from $750,000 to $11 million, indexed for inflation, thus reviving an important tool in the toolbox for farm and ranch families across the U.S., according to NCBA.
Colorado Cattlemen s Association
A sign on the side of a cattle truck promotes beef during one of numerous rallies in Colorado in support of “Meat-In Day” on March 20. Proposed 2022 ballot initiative would criminalize artificial insemination and other ranching practices.
Ranchers throughout the West and around the nation are keeping a close eye on a proposed Colorado animal-cruelty initiative that cleared a key procedural hurdle April 7 but faces an uphill battle.
Animal-welfare advocates are trying to place the Protect Animals from Unnecessary Suffering and Exploitation (PAUSE) initiative on the ballot in November 2022. Critics say the measure would ban artificial insemination and other commonly accepted veterinary and animal care practices in Colorado and would ban the slaughter of livestock that have not yet lived more than one-quarter of their anticipated lifetime, which for cattle is about five years.
The Meat of the Matter Apr 08, 2021
Major US meat and dairy companies have helped thwart climate action in the past. Will they do it again? Nine of the top American meat and dairy companies account for about 6 percent of total US greenhouse gas emissions, according to a new study. Photography by RozenskiP/Shutterstock
President Joe Biden has made agriculture an integral part of his plan to tackle climate change, and for good reason. The sector accounts for roughly a tenth of total US greenhouse emissions, making it ripe for intervention, while political buy-in from the farm sector could, at least theoretically, pressure Republicans to rethink their long-held opposition to climate legislation.\